After the liquidation of SOL from Alameda and FTX, the price of what used to be an Ethereum killer reached extreme values, making it unprofitable for almost 90% of investors. However, there is still some hope.
The unexpected recovery of the cryptocurrency market brought hope back to the minds of Solana investors, who have been dealing with months of suppressed performance of SOL on the market. The massive 120% recovery could become a foundation for the further growth of Solana, especially while the NFT market is showing some impressive results in the background.
According to the service ultrasound.money, the Ethereum network has been gradually recovering, with most of its network activity returning to pre-holiday levels. The issuance offset at press time is at 1.37x, while the annual amount of burned tokens reaches 855,000. The price has reacted to this information accordingly, reaching a two-month high and attempting to break the important resistance level at $1,600. Unfortunately, it is not yet clear whether the normal burning reaction will be enough to make Ethereum perform more efficiently on the market, but with the support of the burning mechanism and lockage period, we should see the reduction of the existing selling pressure on the market.
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